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Interim Management - what will it cost you?

We believe in adding tangible value to our clients' businesses. The most direct way of doing so is to focus on meeting their "mission critical" needs and helping them to avoid unnecessary drift caused by short-term senior resource gaps. That means providing interim managers experienced in the professional services sector who get the job done efficiently and add considerable value along the way.

A typical assignment is 6-9 months in duration. Our interim managers are experienced specialists suitably over-qualified for the job and therefore effective from Day 1.

They also represent a fixed and identifiable overhead for a specific period.

Daily Interim Rates - a guide for clients

We provide interim managers costing anything between £500 and £1500 per day to the client. This may appear expensive if you try to pro rate against the permanent annual salary (we calculate that £600/day to the client is c £75,000 pa basic salary), but do bear in mind that this is ALL you pay i.e. no NI, holiday (including public holidays) or sick pay, healthcare, pension, bonus, training or any other permanent staff benefits, which add up. The client simply pays First Counsel for the actual number of days the interim manager delivers at the daily rate agreed. There are no extra hidden costs. Our own margin is contained within the daily rate and is completely transparent.

In addition, some clients choose to hire interim managers for four or even three days a week. Our people are used to over-delivering, however many days are agreed.

How do consultancy rates compare?

The cost of hiring senior consultancy resource is upwards of 85% more than appointing an interim manager. So, if you're accustomed to paying the provider £600 a day for a good on-site interim manager working three to five days a week, for a period of three months or more, you should expect to pay around £1,100 per day for a senior consultant adding value at arms length on a specific short-term project (say 20 days over a 12 week period) . Of course, this example is purely illustrative and rates vary according to management function and experience.
We are happy to advise on interim management and consultancy rates and discuss our rate calculations and margin with you with absolute transparency.